Naira Holds Steady at N1,526/$1 in Official Market

The naira maintained its position against the U.S. dollar on Thursday, closing at N1,526/$1, unchanged from the previous day’s rate in the official market.

Trading data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,524.50/$1 and N1,527.50/$1 during the day, continuing a week-long trend of relative stability despite high demand for foreign exchange.

Beyond the official market, the naira also showed mild improvement in the parallel market, appreciating by N1,555/$1 from a previous close of N1,560/$1.

The currency also strengthened the British pound, rising to N2,140/£1 from N2,145/£1 and appreciated against the euro, trading at N1,780/€1, compared to N1,785/€1 earlier.

The naira’s performance this week shows a period of stability and resilience, as the recorded gains across several trading sessions reflect improved market confidence.

Sustained efforts and strategic policy implementation will be crucial in achieving long-term stability.

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